President Trump says he’ll raise tariffs on South Korea.
It’s the latest case of the president using the threat of tariffs as a policy tool.
Trump says South Korea’s parliament is taking too long with trade legislation.
That’s what he’s giving as the reason for new 25% tariffs on some South Korean exports to the United States — up from 15%.
The president posted on social media that “South Korea’s Legislature is not living up to its Deal with the United States.”
That’s not an official government communication, not a legal notice.
But it has led to some confusion in South Korea.
On Tuesday in Seoul, the presidential office said, “There has been no formal notification or detailed explanation from the U.S. government so far.”
The economic stakes are significant — the tariffs would include autos and auto parts, South Korea’s biggest exports to the United States.
South Korean media say the target could be a bill enabling $350 billion in investment in the United States.
That bill went before the National Assembly in late November, but has been stalled.
The investments have been designed in stages — in part so they won’t create volatility for South Korea’s currency, which has weakened over the past three years — and fallen sharply since July.
South Korea’s trade minister is in Canada this week.
South Korea’s presidential office says he may add a stop in Washington before returning to Seoul.
